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Absci Reports Business Updates and Fourth Quarter and Full Year 2024 Financial and Operating Results
ABSIAbsci(ABSI) GlobeNewswire·2025-03-18 20:05

Core Insights - Absci Corporation has made significant advancements in its AI Integrated Drug Creation platform, showcasing new breakthroughs and preparing to enter clinical stages with its drug candidates [2][5][6] Financial Performance - For Q4 2024, Absci reported revenue of 0.7million,anincreasefrom0.7 million, an increase from 0.3 million in Q4 2023 [8] - Full-year revenue for 2024 was 4.5million,downfrom4.5 million, down from 5.7 million in 2023 [11] - Research and development expenses rose to 18.4millioninQ42024from18.4 million in Q4 2024 from 12.3 million in Q4 2023, totaling 63.9millionforthefullyear,upfrom63.9 million for the full year, up from 48.1 million in 2023 [9][12] - Selling, general, and administrative expenses decreased to 8.8millioninQ42024from8.8 million in Q4 2024 from 9.3 million in Q4 2023, totaling 36.2millionforthefullyear,downfrom36.2 million for the full year, down from 37.8 million in 2023 [10][13] - The net loss for Q4 2024 was 29.0million,comparedto29.0 million, compared to 23.5 million in Q4 2023, with a full-year net loss of 103.1million,animprovementfrom103.1 million, an improvement from 110.6 million in 2023 [10][13] Pipeline Developments - The company is advancing its internal pipeline, with ABS-101 expected to initiate Phase 1 studies in the coming months, marking a significant milestone [2][5] - ABS-201, targeting androgenic alopecia, has shown promising preclinical results and is anticipated to enter Phase 1 clinical trials in early 2026 [5][6] - ABS-301, a fully human antibody for an undisclosed immuno-oncology target, has completed initial in vivo target validation studies, supporting its further development [6] Strategic Collaborations - Absci entered a strategic collaboration with AMD, which includes a 20millioninvestmenttoenhanceAIdrugdiscoverycapabilities[5]−NewpartnershipshavebeenestablishedwithOwkinandInvetxtoco−developtherapeuticcandidatesandleverageAbsci′sgenerativeAImodels[5]CashPosition−AsofDecember31,2024,Abscihadcash,cashequivalents,andshort−terminvestmentstotaling20 million investment to enhance AI drug discovery capabilities [5] - New partnerships have been established with Owkin and Invetx to co-develop therapeutic candidates and leverage Absci's generative AI models [5] Cash Position - As of December 31, 2024, Absci had cash, cash equivalents, and short-term investments totaling 112.4 million, sufficient to fund operations into the first half of 2027 [7][14]